tv Your World With Neil Cavuto FOX News April 19, 2012 1:00pm-2:00pm PDT
blow him up. welcome to the future. shephard smith for "studio b." neil cavuto is out but stuart varney is in. >>stuart: new jobless numbers pointing to slower hiring and existing home sales down at 2.5 percent and growing fears $1 trillion student loan debt bomb is about to implode the entire economy. welcome, everyone, i am stuart varney here for neil cavuto this is "your world." students rocked by soaring tuition at dangerous levels more than $1 trillion as the head of the largest student lender today is denying that the runaway debt is spiraling out-of-control. and saying "we don't see any evidence of anything close to a
dub bell." but tuition and fees up 300 percent the last 10 years, and the average college graduate now saddled with $23,000 in debt, and that soars to $150,000 for law students and $400,000 for medical school students. and, now, reports that some of those students could be starting to buckle. putting off purchasing new cars. putting off marriage. putting off kids and putting off their parents by staying at home longer and forcing them to take out loans. now, my next guest says he has the solution, called the student loan forgiveness act of 2012 and he will not call it a bailout. i will. michigan democrat congressman clark joins me now. congressman, welcome to the program. for the purpose of time, i want to paraphrase your plan. if a student has given 10 percent of his or her disposable income paying off the student loan for ten years anything they
owe above that you would forgive. now, that, sir, that is a bailout, isn't it? >>guest: right now the taxpayers, as you and dave ramsey have noted are on the hook for the money, so i put together a bill that has a mandatory repayment plan so that all current borrower would make payments according to their income, ten percent of discretionary income for 10 years will likely have the loans paid down if not paid off altogether. >>stuart: if they are not, if they are not, if they are not paid off, the taxpayer son the hook automatically after those 10 years, right? >>guest: we are on the hook right now. the taxpayers are on the hook, now. >>stuart: but they will pay under your system a student loan you pay 10 percent of disposable income for 10 years and you meet
the temperatures -- terms of your bill, and the taxpayer pays up that is bailout. >>guest: but the taxpayers are on the hook right now. there are many borrowers who cannot pay down on the loans. so i provide every borrower and their parents, parents have borrowed a lot of money, too, to send their kids to school and i provide them with a manageable way to pay off their debt. if this is anything left, they will get relief. >>stuart: that is where the taxpayer has to pay. you are not fixing the problem. you are not. you are not. >>guest: we need jobs and we have to increase the purchasing powers of our borrowers who cannot spend money to start a bit to buy a home to invest. that is how you create jobs not through the government necessarily but by increasing the purchasing power of private citizens. >>stuart: you are saying after 10 years pay ten percent of disposal income and then all
other debt outstanding is wiped out, the taxpayer publics up the bill and you say that will create jobs, allow youngsters to go ahead, buy a house and buy a car and get on with their likes and that is your explosion but it is not a solution to the underlying problem, is it >>guest: this are two problems. tuition rates are going up. and, too, we have been bought into the myth if you go to school and graduate you get a good paying job a myth that and you dave ramsey pointed out. so we want to relieve our students and parents from this burden so they can start creating jobs. >>stuart: last point, you could be accused of buying votes with taxpayer money. >>guest: you know why? the machine we using we are already spending in iraq and afghanistan. just a fraction of that to pay down the debt. we are paying are for it right now with the lack of jobs, with
people who are in debt for decades almost the rest of their life. that's unimaginable. that is unspeakable. the government should not have that kind of power to destroy people's lives. the loops were supposed to provide an opportunity for people but, also, for our country, the more well trained we are as a workforce, the more likely we can attract jobs around the world and the united states and compete against china and india. >>stuart: we have to leave it there, sir, and we will respectfully disagree. i say it is a bailout and you don't. congressman, we appreciate you being with us. and my guest says forget the bailouts focus on what is driving tuition costs higher. is that the underlying problem? >>guest: well, this is a typical leftist argument the congressman had. they never look at costs. they want to soak the taxpayers and they want to put gifts to
what they thing are their potential constituencies in an election year. >>stuart: well, why do you think it is? why is tuition so high? why does it keep on going up? tell me? >>guest: because there is no accountability. zero accountability on the part of the university. the government is going to grant that whatever necessity raise the tuition students will be suckered into getting the loans they pay off in 100 years forward and never think they will is to pay then off. it is a external -- external scam that the government progressives have laced on them. tuition costs rice because universities don't have to cut their costs because they know they have a guarantee market because of the government. keepers, college professors teach six to nine hours a week
and they work eight months of the year. 80 percent of the costs of college education are the salaries. let them work 12 or 18 hours a week. >>stuart: and last one in, suppose we follow congressman's plan, a bailout but suppose we do it. would that not free up a lot of youngsters if their 20's to go out and buy a car? form a family? get married? have kids? and get on with their lives? it is a bailout but i am not saying it is not but it would stimulate the economy. >>guest: it would. what about all the taxpayers who you taking money from? they create jobs, too, they can use their money they are able to retain from the government to spend it on, to hiring people. the whole education system --
the education system needs to be reformed. students are suckered into going to universities and learning ideological subjects such as feminism from political leftists. there should be some difference between the scientific courses where you get productive jobs that are productive to society and liberal arts which is turning more and more into a useless exercise in leftist propaganda. >>stuart: we hear you and thank you for joining us today. >> now, you can work and get unemployment. the president is making a new public for his bridge to work program. billion will -- but will it work? something is come down in the state of wisconsin that could have the governor's chances
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>>stuart: the president's new bridge to work program and the labor department will finance ten model projects, the taxpayers, and hoping states will jump at the money part of the payroll tax deal that passed with the support of leading republicans including house speaker john boehner and majority leader cantor, and radio talk show host says that anything is better than the system we have. martha, do i have this right? in the state of georgia you are unemployed and you can get a job 24 hours a week, tops, for eight weeks and they pay you a stipend, maximum $240 for eight week period just gas money, basically. that is the bridge to work program as it is done in georgia. does it work there? >>guest: well a third of the people that go to the eight
weeks of training are hired by the company and what this tries to do is offset the training costs so companies can fill some of the jobs they have and the worker, even the worker that does not get a job, they come away with a certificate that they have been trained in this skill. so it may help with the job down the road. so, in that way, yes, it is a good program. >> it sounds low cost, it sounds like there is a degree of success, but do you think you could translate it to the federal level and do it in different states? >>guest: well, here is the problem. like a lot of things, states come up with good ideas and the federal government is involved and they make it big and burdensome and add automatic kinds of things to it. this is bipartisan and i am glad the president is trying to do something more conservative about jobs. but my concern is that when they try to bring it along to ten, 12, 14 states and add the
bureaucracy of the federal government it will lose the cost effectiveness. it is very cost effective in georgia but it will lose it on a federal level. >>stuart: my conservative friends say "no way," will we have people collecting unemployment and, at the same time, taking a job. testing a job. then they looked at the program, and, said, well at least it gets people off the couch and they are staying at home. what is your position? >>guest: no, you are right about that. the $240 stipend that will barely cover gas money, when we put this program if place, gas was $2 a gallon and it is more than that now, so, yes, my concern is where it will go right now, it is working in georgia and i would rather see states pick it up on their own without the federal government involved. that is how it should work. >>stuart: so a third of people would got in the program in georgia came out with a job?
>>guest: yes. yes they came out with a job and the other two-thirds came out with a certificate showing they had been trained in a certain skill. now, we still have a 1 percent higher unemployment rate than the national average in georgia because we were very construction based and we are still involving from that construction bubble. >>stuart: we will see how it works out. thank you, martha. now, as gas prices are starting to come down, air fares are about to go up. to fox business network's guest on the fuel hits in the air. >>guest: in case you are keeping track this is the sixth time the airlines have tried to raise fey and delta kicked it off with american airlines and usa air and united piling on the increase in targeted was in seven days of travel, and you can expect to pay $10 to $20 more. it does not sound like much but fares are rising and part of it
is higher air prices but the good old fashioned free market. you will notice planes are 83 percent full according to the bureau of transportation. that is also why they are not worried about making you angry with higher prices. they know capacity is shrinking and there are fewer flights and they can charge more but there is a catch. the plan depends on the low cost airlines like jetblue and southwest joining. if they do not the others back down especially in the come pet -- competitive routes. so watch for that. >>stuart: the other guy is "take it or leave it." thank you. now, in the middle of a war, facing a recall election in weeks, did wisconsin governor walker just score one big when? i went to a small high school.
i mean he could teach. he was there for us, even if we needed him in college. you could call him, you had his phone number. he was just focused on making sure we were gonna be successful. he would never give up on any of us. it was in my sister's neighborhood. i told you it was perfect for you guys. literally across the street from her sister. [ banker ] but someone else bought it before they could get their offer togher. we really missed a great opportunity -- dodged a bullet there. [ banker ] so we talked to them about the wells fargo priority buyer preapproval. it lets people know that you are a serious buyer because you've been credit-approved. we got everything in order so that we can move
>>stuart: the recall fight in wisconsin against the republican governor kicks up his reforms are kicking in and, now, property tax bills are ticking down. as the first time in 12 years that has happened and he says what he is doing is working. >> just this week there was an editorial comment on the blog talking about how the increase in property taxes we experienced we have not had in years is because of our reforms and we will continue to be a stark contrast to both of my main opponent would will lift the caps on property taxes if they are elected. >>stuart: you have heard this before the teachers say that because of you they are going to have to pay more toward their pensions that you are going to re-open existing contracts and renegotiate them, and teachers
will get less and you are taking it out on them. your response, again? >>guest: not at all. i have two sons a junior and senior and their schools have been able to hire more teachers using savings to hire more teachers and lower the classroom sizes and many school districts were able to it is money aside to pay based on performance and award excellence in education to the public employees are paying a little bit more for pentagons and health insurance premiums but, far less than the middle class taxpayers in our state, and the very people i am standing up to protect. >>stuart: a republican governor daniels from indiana yesterday endorsed romney and john kasich republican governor, ohio, today, endorsed mitt romney, and scott walker, republican governor, wisconsin, mitt romney? >>guest: he is a great guy a great turn around agent, what he
did for companies for our country in the olympics and what he can do as president is outstanding but define now and june 5th i am focused on making sure we win here in the state of wisconsin and we will talk after that about the presidential sweep states for now i owe it to the people of the united states and the majority of people would voted me the first time to stay focused and devoted to our state. >>stuart: june 5th recall election, and they have, your opponents, the democrats have not decided on a single candidate to run against you and i believe they have a primary in may, but that is an open primary and republicans can vote. is there an opportunity for mischief on the part of the republicans? >>guest: well, there is some talk about it that may 8th is the primary but the two main democrats both of them are, really, almost running over each other to see who can pander to the radical left of the big government union bosses in our state. they both last week talked about
repealing the caps and property taxes and the caps started out by talking about for the first time in more than a decade brought us true property tax relief and reduction of property taxes, and they are pandering to see who can be the biggest defender of the big government union boss and we took the power away and put it in the hands of the hard working taxpayers of our state and in either case our opponent is the not person on the ballot but the out-of-state money from the big government union bosses and that is why we hoping people help us out to counter that message at grass roots level. >>stuart: do you have a lot of money coming in from out-of-state? the democrats have a lot of union money coming in from out-of-state and do, too, i think? >>guest: well, the people from all across my state and across the country have helped us out. our last report showed that more than 76 percent of our donations came from people who gave $50 or less. that is people who go to the website and give us $25 or $30 or $40 but that makes up for the
literally tens of millions that is coming in from out-of-state from the big government unions. they spent it last year trying to take out our supreme court justice and tried to change the vote last spring and last summer trying to take out six of our republican state senators who also face recall elections. we ultimate textually prevailed in each race and i believe will prevail now on june agent but we need a lot of grass roots support. >>stuart: i hear you, sir, out-of-state you are a rock star. and were mobbed the other day, is that right? >>guest: vie two high school sons who would laugh at that. when i go to the world post largest music festival in wisconsin they think i go to the old fogies home. >>stuart: but are you on a short list or any list for vice president? >>guest: i have a big list of thins that need to be done to
continue to get our state working and if anyone out of wisconsin on a short list it is my friend paul ryan who would make an exceptional vice president not just as a candidate but more so in office. he is brilliant. >>stuart: would you reject it? would you? >>guest: i would advise romney if he wanted to pick someone great great wisconsin paul ryan. >>stuart: if drafted you will not run? if nominated you will not accept? and fell elected you will not serve? will you make a rejection? >>guest: in my case i will stay focused on wisconsin. after june 5th people want me to get the job done and we will lead national politics to people like paul ryan. >>stuart: and back to paul ryan you support him for vice president, and you support his policies? and his budget? >>guest: part of the reason why we have gotten such great response from conservative groups and i was at a factory
this morning from fact try workers and farmers they understand we have done in our state, continued to deal what people complained about politics getting in office and fail to have the courage to take on the tough things that need to be taken on and he is doing it in washington and we have done it to business and voters in our state and the national level are looking for people with the courage to stand up and worry about the next generation more than we worry about the next election. so i support paul for being a great person to put on the ticket and why i hope voters will continue to support me in the great state of wisconsin. >>stuart: are we making it so hard to set up shop in america junior companies would rather take their chances with this? i look at her, and i just want to give her everything.
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>>stuart: there was an n.r.a. statement when ted nugent said if president obama is in the presidency again i will be dead or in jail. he was called into the secret service "the issue has been resolved and the u.s. secret service does not anticipate any further action being taken." that's it. ted nugent.
now, audi picks mexico to build factory in a nation plagued with drug wars and a deadly violence episode. what message should this be sending to washington, dc? and now chairman of u.s. news and world report. germany's audi goes to mexico and building a plants. not america. goes to mexico. the man who runs audi says they have good infrastructure and competitive costs. doesn't america have though things? why go there and not here? >>guest: the answer is, no, we did not have good enough infrastructure and we are not competitive on cost. we have lost six million blue-collar industrial jobs the last decade many to china and india because we find they can manufacture good products at lower cost with a high engineering component and this is a fundamental shift with between the electronics and the automation of manufacturing, and the fact that lower wage rates
we will be in an uncompetitive position in manufacturing for long time to come. >>stuart: we can never match their manufacturing costs $6.23 an hour. manufacturing wages in mexico. and $34.74 in the united states. we cannot match that. there is no way we can get our wage costs down that low. >>guest: that is why in strategic terms we are in uncompetitive position for manufacturing. the only way we are competitive if manufacturing is high value added goods and for those we have to have the right kind of employee who are engineering, and talented technical people. we either number one player not word for new high-tech world. why? we have a very innovate ever high-tech component with talent and that is something we have to build on. >>stuart: do you thing president obama's push for unionization in manufacturing across america is a barrier to the likes of audi coming here?
is that a problem? >>guest: of course. in the sense it produces the higher cost you referred to that makes it impossible for us to be competitive so we have to think through this. it is like what happened in agriculture in the 19 30's we had all of the new tractors and machines and they made people irrelevant and we have a different kind of manufacturing process where we need fewer people. and the competition internationally is tougher and a very serious issue because a lot of people would lost their jobs and we lost six million in the last half dozen years those jobs are not coming back. >>stuart: that is bleak outlook. you saying goodbye to the jobs they are not coming back because the manufacturing will no longer be at home. hearings is a huge problem we have to face. >>stuart: what can president obama do? >>guest: he would have had to do something to instill a sense
of confidence in america, in american business can he has not done, quite the opposite. but beyond that, we have to do a bigger job in terms of infrastructure and change the tax code, we have to improve the engineering and technical assistance and increase the visa which take as lost engineers on the order of 200,000 engineers and that is the kind of manufacturing we need here because among other things it is not just the way the job starts but when the plants are build, people learn a lot about scaling up in terms of manufacturing. that scaling up is taking place abroad, not here and we are losing all the things you learn. >>stuart: you were a big supporter of president obama? >>guest: i have made many mistakes. i was a supporter. >>stuart: you consider that to be a mistake? >>guest: i think he has been a disappointment. >>stuart: do you thick -- think romney would be a better
president? >>guest: i don't know. >>stuart: could either candidate have the effect on america and manufacturing in america you want to see? >>guest: what i would say by far and it is not close romney, who i have known for many years, has a much deeper and broader understanding of how this economy works and how the american economy works and what we need to be effective and competitive by far greater understanding than president obama. he came out of a university. that is not exactly the background where you understand these things if you know romney was involved in a whole array of businesses. >>stuart: thank you. appreciate it. the more americans worry about their jobs the more the president has to worry about his. new poll numbers are out.
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economy has gotten off on the wrong track. and 82 percent are staying even or falling behind federally. and 70 percent think the economy is fairly bad or just plain bad. still, when asked who they prefer in november, romney and president obama are tied at 46 percent. and now, i am looking at this, jamie, and the bottom line from the first three polls people do not believe this president is the best person to deal with the economy. am i taking an overly negative testify view? >>guest: no, i don't think you are. if you were a president running for re-election these are not the ideal conditions. the american people do not think the economy is doing well at a time they believe jobs and economic improvement is the most important issue. >>stuart: and you look at the other poll which is that the mitt romney and president obama are tied even at 46 and that
implies that romney is not pushing the economy and that issue strongly enough and hasn't found a way to communicate it. what do you say? >>guest: we were just in the beginning of this campaign, romney just ended theory marry season so we will see a lot of contest one-on-one going up and seeing how romney effectively communicate his message. there is one interesting aspect of the poll that benefits president obama. and that is when asked, what is the best way to promote economic growth, i may disagree with this but 56 percent of respondents say taxing the rich, and spending on for structure and education is the best way to do it and those are president obama's policies much less so romney. >>stuart: how can president obama run on his report? he can't, can he? >>guest: he can and he is not. he can run on his health care bill as wildly unpopular whether you agree with it or disagree, polls show that. and you cannot run on the stimulus, because it is added massive amounts to the debt without showing were great
improvement in the economy. and so he is going negative, attacking romney for being wealthy, attacking romney for being a dangerous candidate would will attack women, the war on women. so he is going negative and not saying "vote for me," the luster of hope and change has worn off. he is going against obama, vote against him. because i am less dangerous. >>stuart: thank you, jamie. the polls may not be going the president's way directly but is the mainstream media? look at this, swing state headline from the associated press, the headline, stronger michigan economy could hurt romney's chances to win the native state over obama but why is it the economy is stronger? to read the first page and a half of that article, in its entirety, it is because of obama's auto bailout and "cash for clunkers" not until the 41st line of page two the republican governor is
mentioned. this is in the first time media watcher has seen this. are you just critical of a.p. or expand that to the establish president media being for president obama? >>guest: well i think the entire establishment media this year is going to come in to the events and the president goes into a state and service citizen -- steno graphers. they do not have arguments how the republican governors are doing or how the republican governor is doing in ohio they want to try to set the stage for if the economy in any of the states is improving, it must be because obama has improved it. >>stuart: a couple of quotes resident is quoted "things seem
to be turning the corner. i'm giving him a shot." and" he is trying," and it article goes overboard page and a half, all president obama who has rescued michigan and done a great job if ohio even though both those states is republican governors and both the republican governors have seen unemployment come down in those states during their tenure. they get no credit whatever. >>guest: that is right. generally, you could say, national reporters are always going to pay more attention to the president or the congress than they are going to pay attention to governors. the associated press cannot play that game and they have reporters in every state capital, and they know the state of lay in michigan. they know the state of play if ohio and they do not get to play ignorant and say they did not realize the governors of the states were republicans with reform agendas.
and on and level if the economy in the states has improved, since the start of 2011 maybe it has something to do with new leadership in the governor's mansion. when a reporter quotes voters on the street praising obama, they are just, they are selecting who they want you to hear. >>stuart: neil cavuto who usually sits in this chair interviewed governor kasich and brought up this very question. let me play a sound. >> when economies get better executives get credit. the fact is, does he benefit in ohio from that? no question. do i? yes. are we responsible for it? from our perspective we have taken on a lot of tough problems and created a better environment. but unleashing people to feel secure when they add jobs or create jobs or when they bring
jobs for ohio is because they have a sense of certainty in washington, they give us head behind and they do not put the win at our back. >>stuart: now, i want to run you a quick sound bite, from the outgoing care of a.p. as he was help introducing president obama. >> who would want this job? we are honored today to have the man currently holding the office and aspiring for it for another term. and with apologies to al green my new favorite singer. ladies and gentleman, the president the united states of american the >>stuart: he runs the a.p. and they have rotters all over the country, almost every city, and they have copy
in every newspaper each day and that gentleman was introducing the gentleman with lavish praise, over-the-top for the guy. your last comment? >>guest: well you should not see this keep of comments about his favorite singer from a news executive we all expect our media people to be a little bit more nonpartisan than that but that is not what we have seen this year and we will see it all year. >>stuart: thank you. big labor dose on the c.e.o. of pay attack a union member is say he needs to look in the mirror not for what he makes but what he and other bigwigs are doing with the member dues.
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>>stuart: big labor going after c.e.o. pay and peter barnes? >>peter: the afl-cio is pushing hard to push c.e.o. compensation down. in the annual executive pay watch report the union said average c.e.o. pay noon s&p 500 companies rose 14 percent to $13 million which called egregious, 380 times the average wage for a worker last year of 34,000 and said some c.e.o.'s earn their high pay but others do not because of board room back scratching and the union thinks the shareholder vote at citigroup opposing the $15 million package for their c.e.o. while a nonbinding vote was a people ringer for corporate america that shows investors are paying attention to high executive pay. >> the information is easier and they will pay more attention to it and it will start to have a
real effect in making the c.e.o. rather than a regal person of one part of a management team where everyone is in the same ballpark for salary. >> they will use the data not election year debate about income and inequality. >>stuart: what do actual union members thing of the executive pay watch campaign? our guest calls it a double standard for what the big labor bosses or doing what their dues. why do you oppose what your own union doing? >>guest: well, frankly, it is a double standard. there are a couple of thoughts. first, obviously they are using this for class warfare and class envy to help obama get elected in 2012 in november. they will use it sooner or later against mitt romney and it does not fly with the union workers
when they look at this situation. as you said it is a double standard because officials are part of the 1 percent they so much say is wrong with what american society is all about. >>stuart: but does he have a point? our reporter made the point that executive pay is 380 times the average of what union members, workers on the ground make, a very big gap. does the union have a point? >>guest: exactly right. it is a very big gap. however, there are a couple of things to lock at. it is almost as if the union officials are looking at thissed enviously and taking free market economics and private contracts between a corporation and an individual and trying to base something on the private contracts. as a, worry, what do i care what
a business does withindividual ? it has no bear on me as a union member so it is disingenuous and, really, a fake point they are making in order to try to get obama elected in 2012. >>stuart: why are you in a union? >>guest: first all i am very proud to be a union member because i believe in unions but in the context of what they were originally created to do. that is to represent their employees at the workplace but they have become nothing but socioeconomic groups trying for push bizarre worldview and a quasipolitical party only trying to get one party elected. they injected millions into the old occupy movement and are calling it the 99 percent spring which should be called the 5 percent spring because that is the percentage of americans who agree with the political agenda of the group.
yesterday, i was proud to speak in a rally called the 100 percent fed up rally which you will see pop up all over the united states in response to the 99 percent spring. but in this 100 percent fed up rally it is talking about flow trade economics and what is reality. >>stuart: that is the other side of the union coin. thank you for bringing that to us. after a $1.3 trillion rescue the money is running out. can you believe it?
greetings from the windy city of chicago. people here sure are friendly but some have had a hard time understanding my accent. so to make sure people get every word of the geico savings message i've been practicing how to talk like a true chicagoan. switching to geico could save you hundreds of dollars on car insurance... da bears. haha... you people sure do talk funny. geico®. fifteen minutes could save you fifteen percent or more on car insurance. cording to the signs, ford is having some sort of big tire event. i just want to confirm a few things with fiona. how would you describe the event? it's big. no,i mean in terms of savings how would you sum it up? big in your own words, with respect to selection, what would you say? big okay, let's talk rebates mike, they're big they're big
get $100 rebate, plus the low price tire guarantee during the big tire event. so, in other words, we can agree that ford's tire event is a good size? big big wow. this is new. yep, i'm sending the dancing chicken to every store in the franchise to get the word out. that could work. or you could use every door direct mail from the postal service. it'll help you and all your franchisees find the customers that matter most -- the ones in the neighborhood. you print it or we'll help you find a local partner. great. keep it moving, honey. honey? that's my wife. wow. there you go. there you go. [ male announcer ] go online to reach every home, every address, every time with every door direct mail. a rescue in need of a rescue? yep, according to reports, the $1.3 trillion bail-out fund for europe's financial crisis could be in crisis, itself. the cash is running out. the problems are not going
away. to jim le camp who said all the money just made it worse. explain that one to me. >> stuart, a lot of that money got redeposited at the central bank, so it doesn't get into the economy that really need the money. what it did, it got redeposited or used to buy government debt, spain and italy. and so what you have done is you bought time for the government. bought more time for the government. bought more time for the banks. but if none of that money got in the actual economy. 20% unemployment in spain, that wasn't addressed. the 20% unemployment in greece, that wasn't addressed. at the end of the day, more debt. nothing solved. look, there is only 21 billion euros left. that is about half of what greece is going to need -- or spain is going to need the rest of the year. >> it's more of the same, then, is it? they are going to print some more money or somebody defaults and they crash. that's the choice, isn't it? i bet they go for printing more money. i think you agree with me.
>> i think they will. i think we'll print more money over here. the problem is the more money you print and try to paper over the problems with more debt, the more painful the ending is going to be. this little, default that we had in greece is going to be a bigger default that we see out of italy or spain coming up. >> are you saying italy and spain will default at some point in the future? are you saying that? >> i don't see any way around italy faul defaulting or spain defaults. they're not growing. they're deteriorating the same time the debt is accruing. japan is on worse shape than the european countries. we've got serious financial issues facing the global economy for several years. >> i 15 seconds. do you want to tell me when italy, spain defaults? years, months, what is it? >> i think it depends on how much money they p